this year’s Victorious Festival pumped more than £4m into the local economy.
Around half the figure is based on the amount of money spent by the tens of thousands of visitors who visited the music spectacle on Southsea Common.
An independent economic survey showed festival-goers travelling in and out of the city spent £2.045m.
That covered money for food and drink, merchandise, staying in hotels, shopping and travel.
And £1.075m was spent by organisers putting the festival together and putting their 700 crew up in accommodation – bringing the total economic value of Victorious to £3.12m.
But that figure is pushed up to £4m when talking about the festival’s indirect impact – the calculated benefits after money was spent in the area afterwards.
Festival co-organiser James Ralls, who commissioned the report, said: ‘We are over the moon with these results.
‘We were hoping for something similar.
‘It’s great when you read a report like that which has been done independently.
‘It encourages us to make the festival bigger and better next year.
‘Hopefully everyone will have an even greater time and it will have an even bigger impact.’
Mr Ralls revealed that around 5,000 tickets have already been sold for next year’s festival online via See Tickets.
In total, 63,000 tickets were sold for the two-day event held over the August bank holiday weekend, and more are on sale for next year.
Councillor Linda Symes, Tory cabinet member for culture, leisure and sport, said a lot of the festival’s success was down to its organisation.
‘It was so well run and organised and it’s such an asset to the city,’ she said.
‘All the local businesses benefited as well because people were able to come and go from the festival and go to surrounding areas like Palmerston Road and places like Knight & Lee, which also saw an upturn in business.’
The survey asked 753 visitors from outside Portsmouth whether the event had changed their outlook on the city for the better. Around half said yes.